Are responses to failed say-on-pay votes consequential?

Are you ever surprised that more companies don’t fail their say-on-pay votes? Say on pay was adopted by the SEC under a Dodd-Frank mandate signed into law against the backdrop of the 2008 financial crisis.  The mandate was enacted largely in reaction to the public’s railing against the runaway levels of compensation paid to some corporate executives despite poor performance by their companies, especially when those firms were viewed as contributors to the crisis itself. READ MORE